Junior miners are growing gold ounces on the path to mine production
Gold prices hovering in the US$1,920-per-ounce range is providing fuel for the exploration activity occurring east of Timmins where new players have taken root and an existing miner is evaluating expansion opportunities.
The untapped gold potential in the Matheson area attracted Mayfair Gold in 2020 where the company is promoting a proposed open-pit mine project. The Vancouver junior miner picked up the 4,800-hectare Fenn-Gib project from Pan American Silver at the end of 2020. Fenn-Gib is 20 kilometres east of Matheson, just off Highway 101.
On the proverbial ‘fast-track-to-development’ bent, the company has been drilling around its deposit of 2.08-million ounces of indicated gold. Mayfair started an 80,000-metre drill program in November with a stated goal of boosting the resource to more than 3 million ounces. The drill program is expected to be completed by the second quarter. A new resource update will be served up in the third quarter.
In February, the company released some promising gold results from drilling to the east of the deposit, while cranking up some drill rigs a few hundred metres to the west and northwest of the deposit.